Template:AIFMD 21(11)(d): Difference between revisions
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Amwelladmin (talk | contribs) Created page with ":(d) the {{aifmdprov|depositary}} ensures that the {{aifmdprov|third party}} meets the following conditions at all times during the performance of the tasks delegated to it: :..." |
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:(d) the {{aifmdprov|depositary}} ensures that the {{aifmdprov|third party}} meets the following conditions at all times during the performance of the tasks delegated to it: | :(d) the {{aifmdprov|depositary}} ensures that the {{aifmdprov|third party}} meets the following conditions at all times during the performance of the tasks delegated to it: | ||
::(i) the {{aifmdprov|third party}} has the structures and the expertise that are adequate and proportionate to the nature and complexity of the assets of the {{aifmdprov|AIF}} or the {{aifmdprov|AIFM}} acting on behalf of the {{aifmdprov|AIF}} which have been entrusted to it; | ::(i) the {{aifmdprov|third party}} has the structures and the expertise that are adequate and proportionate to the nature and complexity of the assets of the {{aifmdprov|AIF}} or the {{aifmdprov|AIFM}} acting on behalf of the {{aifmdprov|AIF}} which have been entrusted to it; | ||
{{AIFMD 21(11)(d)(ii)}} | |||
::(iii) the {{aifmdprov|third party}} segregates the assets of the {{aifmdprov|depositary}}’s clients from its own assets and from the assets of the {{aifmdprov|depositary}} in such a way that they can at any time be clearly identified as belonging to clients of a particular {{aifmdprov|depositary}}; | ::(iii) the {{aifmdprov|third party}} segregates the assets of the {{aifmdprov|depositary}}’s clients from its own assets and from the assets of the {{aifmdprov|depositary}} in such a way that they can at any time be clearly identified as belonging to clients of a particular {{aifmdprov|depositary}}; | ||
::(iv) the {{aifmdprov|third party}} does not make use of the assets without the prior consent of the {{aifmdprov|AIF}} or the {{aifmdprov|AIFM}} acting on behalf of the {{aifmdprov|AIF}} and prior notification to the {{aifmdprov|depositary}}; and | ::(iv) the {{aifmdprov|third party}} does not make use of the assets without the prior consent of the {{aifmdprov|AIF}} or the {{aifmdprov|AIFM}} acting on behalf of the {{aifmdprov|AIF}} and prior notification to the {{aifmdprov|depositary}}; and | ||
::(v) the {{aifmdprov|third party}} complies with the general obligations and prohibitions set out in paragraphs {{aifmdprov|21(8)}} and {{aifmdprov|21(10)}}. <br> | ::(v) the {{aifmdprov|third party}} complies with the general obligations and prohibitions set out in paragraphs {{aifmdprov|21(8)}} and {{aifmdprov|21(10)}}. <br> | ||
Latest revision as of 17:19, 26 July 2016
- (d) the depositary ensures that the third party meets the following conditions at all times during the performance of the tasks delegated to it:
- (i) the third party has the structures and the expertise that are adequate and proportionate to the nature and complexity of the assets of the AIF or the AIFM acting on behalf of the AIF which have been entrusted to it;
- (ii) for custody tasks referred to in point (a) of paragraph 21(8), the third party is subject to effective prudential regulation, including minimum capital requirements, and supervision in the jurisdiction concerned and the third party is subject to an external periodic audit to ensure that the financial instruments are in its possession;
- (iii) the third party segregates the assets of the depositary’s clients from its own assets and from the assets of the depositary in such a way that they can at any time be clearly identified as belonging to clients of a particular depositary;
- (iv) the third party does not make use of the assets without the prior consent of the AIF or the AIFM acting on behalf of the AIF and prior notification to the depositary; and
- (v) the third party complies with the general obligations and prohibitions set out in paragraphs 21(8) and 21(10).